The move comes a little more than two weeks after the
company was forced to
scrap its proposed merger with rival Office Depot because of
pushback from regulators.

"He also worked diligently on the acquisition
of Office Depot and the Board appreciates the strong
effort he made to secure governmental approval,"
saidRobert E. Sulentic, lead director of
Staples' board,
in a release. "With the termination of
the merger, we mutually agreed that now is the right time to
transition to new management to lead Staples through
its next phase of growth."

Antitrust concerns led to an injunction by a federal judge,
causing the firms to toss out the merger on May 11.

"It has been an incredible honor to have worked with
the talented and dedicated team at Staples for the
past 27 years through a dynamic and ground-breaking time for the
Company, our customers and the retail industry overall," said
Sargent in the release.

He continued: "I want to sincerely thank our associates and
partners, every one of whom helped to deliver value for our
customers."

Shira Goodman, president of North American operations, will
replace Sargent as interim CEO.

The stock is unchanged in after-hours trading following the
announcement.